High prevalence of colorectal cancer owing to the increase in geriatric population drives the market growth. Increase in population prone to colon cancer, urinary tract cancer, bladder cancer, colorectal cancer, inflammatory bowel disease, and chronic diseases such as ulcerative colitis and Crohn’s disease that require ostomy surgery, further boosts the market growth.
According to the report published by Allied Market Research, global ostomy drainage bags market was valued at $1,658.38 million in 2020, and is projected to reach $2,409.38 million by 2030, growing at a CAGR of 3.8% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Onkar Sumant, a Manager, Healthcare at Allied Market Research, stated, “Alarming rise in prevalence of disorders such as colorectal cancer, inflammatory bowel diseases, rise in government & private funds for development of healthcare sectors, and increase in number of key players for ostomy drainage bags are expected to notably contribute toward the growth of the global ostomy drainage bags market during the forecast period.”
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The factor that drives the ostomy drainage bags market growth include rise in applicability of ostomy drainage bags in the medical sector such as hospitals, clinics, and consumers, in terms of both patients and investing firms. Moreover, rise in demand for ostomy drainage bags in geriatric population & people with sedentary lifestyle and stringent government regulations for reducing the complications & risks related with ostomy surgery drive the market. Furthermore, production of ostomy drainage bags on large scale and presence of untapped market in emerging economies provide lucrative growth opportunities for the market.
Surge in innovations in advanced level of healthcare product offerings and increase in cases of inflammatory bowel disease further generate lucrative market growth opportunities. In addition, various conditions such as diabetes and obesity rise the demand for ostomy bags, driving the ostomy drainage bags market size.
Key Market Players
- ALCARE Co. Ltd.
- B. Braun Melsungen AG
- Coloplast A/s
- ConvaTec Inc.
- Flexicare Ltd
- Hollister Incorporated
- Oakmed Healthcare
- Pelcin Healthcare Ltd.
- Salts Healthcare Ltd.
- Welland Medical Ltd.
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